GoPro crashes below its IPO price

The stock sank by as much as 6% to around $23.44 a share, under
the $24 price tag that shares had when they went public last
June.

And so, investors who bought shares early, at the IPO price, are
right where they were on paper, and possibly losing money.

Year-to-date, the stock has dropped 63%. The stock is among the
most heavily shorted on Wall Street, with about 32% of the
float shorted as at Thursday.

The point-of-view camera maker's third-quarter
earnings brought up some of the issues that investors have
grappled with of late. While announcing earnings that came in
below expectations because the quarter was more difficult than
anticipated, GoPro lowered its guidance for fourth-quarter
earnings.

Analysts have said the company's cameras and apps
can easily be replaced by smartphones and their own
apps.

Morgan Stanley analysts thought GoPro's small Hero 4 Session
was a downer for consumers, as the company slashed the price by
$100 shortly after release due to "disappointing demand".

Pacific Crest's Brad Erickson said after the Q3 earnings that it
looked like the action-camera market in the US was "quickly
saturating".